TPG buys into Chinese solar player Comtec

TPG agrees to invest up to $150 million in Comtec Solar as the private equity firm buys into the potential of solar power.

US private equity firm TPG Capital is set to make its first investment in China’s solar power industry after agreeing a deal to pay up to HK$1.17 billion $150 million for a maximum 21.6% stake in Comtec Solar Systems Group.

The deal gives TPG an interest in one of China’s most promising growth industries. Comtec makes monocrystalline solar ingots and high-quality wafers in Shanghai, and sells most of its products to solar-cell manufacturers. The...